MIRA INFORM REPORT

 

 

Report Date :

22.05.2014

 

IDENTIFICATION DETAILS

 

Name :

LG HAUSYS, LTD.        

 

 

Registered Office :

15-19F, ONE IFC Bldg. 10, Gukjegeumyung-Ro, Yeongdeungpo-Gu Seoul, 150876 Korea

 

 

Country :

South Korea

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

02.04.2009

 

 

Legal Form :

Public Parent

 

 

Line of Business :

Subject is engaged in the manufacture of construction materials.

 

 

No. of Employees :

2,832

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – September 30, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

South Korea

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

 

D

 

 

SOUTH KOREA - ECONOMIC OVERVIEW

 

South Korea over the past four decades has demonstrated incredible growth and global integration to become a high-tech industrialized economy. In the 1960s, GDP per capita was comparable with levels in the poorer countries of Africa and Asia. In 2004, South Korea joined the trillion-dollar club of world economies, and is currently the world's 12th largest economy. Initially, a system of close government and business ties, including directed credit and import restrictions, made this success possible. The government promoted the import of raw materials and technology at the expense of consumer goods, and encouraged savings and investment over consumption. The Asian financial crisis of 1997-98 exposed longstanding weaknesses in South Korea's development model including high debt/equity ratios and massive short-term foreign borrowing. GDP plunged by 6.9% in 1998, and then recovered by 9% in 1999-2000. South Korea adopted numerous economic reforms following the crisis, including greater openness to foreign investment and imports. Growth moderated to about 4% annually between 2003 and 2007. South Korea's export focused economy was hit hard by the 2008 global economic downturn, but quickly rebounded in subsequent years, reaching 6.3% growth in 2010. The US-Korea Free Trade Agreement was ratified by both governments in 2011 and went into effect in March 2012. Throughout 2012 and 2013 the economy experienced sluggish growth because of market slowdowns in the United States, China, and the Eurozone. The administration in 2014 is likely to face the challenge of balancing heavy reliance on exports with developing domestic-oriented sectors, such as services. The South Korean economy's long term challenges include a rapidly aging population, inflexible labor market, dominance of large conglomerates (chaebols), and heavy reliance on exports, which comprise about half of GDP.

 

Source : CIA

 

 

Company name and address

 

LG HAUSYS, LTD.                    

 

 

LG HAUSYS,LTD., 15-19F, ONE IFC Bldg. 10, Gukjegeumyung-Ro, Yeongdeungpo-Gu Seoul, 150876

Korea, Republic of

 

 

Tel:

82-2-37771114

Fax:

82-2-37737921

 

www.lghausys.co.kr

 

Employees:

2,832

Company Type:

Public Parent

Corporate Family:

2 Companies

Traded:

Korea Stock Exchange:

108670

Incorporation Date:

02-Apr-2009

Auditor:

PricewaterhouseCoopers LLP

Financials in:

USD (In Millions)

Fiscal Year End:

31-Dec-2012

Reporting Currency:

South Korean Won

Annual Sales:

2,175.2  1

Net Income:

25.7

Total Assets:

1,667.3  2

Market Value:

1,155.0

 

(08-Nov-2013)

 

 

Business Description

 

 

LG Hausys, Ltd. is a Korea-based company mainly engaged in the manufacture of construction materials. The Company mainly operates in two business divisions: construction material division, and highly functional material and component division. Its construction material division manufactures window materials such as polyvinyl chloride (PVC) windows, aluminum windows and functional glasses, as well as interior materials such as flooring materials, wallpapers and artificial marble products, among others. Its highly functional material and component division manufactures gloss sheet products, decoration sheet products and functional adhesive materials, as well as automotive components, among others. The Company distributes its products within domestic market and to overseas markets. For the six months ended 30 June 2013, LG HAUSYS, LTD. revenues increased 8% to W1.288T. Net income before extraordinary items increased from W23.7B to W49.51B. Revenues reflect High Professional Qualification Material segment increase of 15% to W286.39B, Tignum segment increase of 6% to W402.28B, Common Segments and Other increase of 3% to W10.25B, South Korea segment increase of 10% to W447.57B.

 

 

Industry

 

Industry

Rubber and Plastic Product Manufacturing

ANZSIC 2006:

1919 - Other Polymer Product Manufacturing

ISIC Rev 4:

2220 - Manufacture of plastics products

NACE Rev 2:

2229 - Manufacture of other plastic products

NAICS 2012:

326199 - All Other Plastics Product Manufacturing

UK SIC 2007:

2229 - Manufacture of other plastic products

US SIC 1987:

3089 - Plastics Products, Not Elsewhere Classified

 

 

Key Executives

 

Name

Title

Jang Su Oh

Chief Executive Officer, Director

Hong Gi Kim

Chief Financial Officer, Director

Tae Sun Yoon

Chief Human Resource Officer, Assistant Managing Director

Myeong Hwan Kim

Non-Executive Independent Director

Hyeon Kim

Non-Executive Independent Director

 

 

Significant Developments   

 

 

Topic

#*

Most Recent Headline

Date

Officer Changes

1

LG Hausys Ltd Appoints New CEO

15-Mar-2013

Equity Investments

1

LG Hausys Ltd Announces Changes in Shareholding Structure

26-Feb-2013

Dividends

1

LG Hausys Ltd Declares Annual Cash Dividend for FY 2012

30-Jan-2013

*number of significant developments within the last 12 months

 

 

News     

 

 

 

Title

Date

WIPO PUBLISHES PATENT OF LG HAUSYS FOR "COATING COMPOSITION WITH EXCELLENT TACTILE CHARACTERISTICS, PREPARATION METHOD THEREOF AND TRANSFER SHEET...
U.S. Fed News (283 Words)

15-Nov-2013

ECO-FRIENDLY FOAMING SHEET
European Patents (167 Words)

11-Nov-2013

VACUUM MOLD HAVING A REVERSE SOLID PATTERN, AND VACUUM-FORMING METHOD USING SAME
European Patents (138 Words)

11-Nov-2013

PWS Worksurfaces gets Hi-Macs seal of approval
Kbbdaily (109 Words)

11-Nov-2013

USPTO Published Patent application of LG HAUSYS LTD titled as "METAL-COLORED AND NON-CONDUCTIVE TRANSFER FILM"
Plus Patent News (174 Words)

11-Nov-2013

USPTO Published Patent application of LG HAUSYS, LTD. titled as "MIRROR-SURFACE SHEET COMPRISING TRANSPARENT PROJECTIONS HAVING AN INDEPENDENT STRUCTURE AND PRODUCTION METHOD THEREFOR"
Plus Patent News (221 Words)

11-Nov-2013

 

 

Financial Summary

 

As of 30-Jun-2013

 

Key Ratios

Company

Industry

Current Ratio (MRQ)

1.28

2.87

Quick Ratio (MRQ)

1.01

1.37

Debt to Equity (MRQ)

0.87

0.76

Net Profit Margin (TTM) %

2.61

3.92

Return on Assets (TTM) %

3.42

2.89

Return on Equity (TTM) %

8.91

4.01

 

 

Stock Snapshot

 

Traded: Korea Stock Exchange: 108670

 

As of 8-Nov-2013

   Financials in: KRW

Recent Price

132,000.00

 

EPS

1,723.66

52 Week High

136,000.00

 

Price/Sales

0.50

52 Week Low

69,000.00

 

Dividend Rate

1,000.00

Avg. Volume (mil)

0.06

 

Price/Earnings

14.29

Market Value (mil)

1,227,607.00

 

Price/Book

1.65

 

 

 

Beta

0.58

 

Price % Change

Rel S&P 500%

4 Week

6.88%

9.04%

13 Week

6.02%

0.45%

52 Week

75.30%

69.08%

Year to Date

66.67%

67.69%

 

1 - Profit & Loss Item Exchange Rate: USD 1 = KRW 1126.849
2 - Balance Sheet Item Exchange Rate: USD 1 = KRW 1066.4

 

 

Corporate Overview

 

Location
LG HAUSYS,LTD., 15-19F, ONE IFC Bldg.
10, Gukjegeumyung-Ro, Yeongdeungpo-Gu
Seoul, 150876
Korea, Republic of

 

Tel:

82-2-37771114

Fax:

82-2-37737921

 

www.lghausys.co.kr

Quote Symbol - Exchange

108670 - Korea Stock Exchange

Sales KRW(mil):

2,451,083.0

Assets KRW(mil):

1,778,034.0

Employees:

2,832

Fiscal Year End:

31-Dec-2012

 

Industry:

Fabricated Plastic and Rubber

Incorporation Date:

02-Apr-2009

Company Type:

Public Parent

Quoted Status:

Quoted

 

Chief Executive Officer, Director:

Jang Su Oh

 

 

Industry Codes

 

ANZSIC 2006 Codes:

1919

-

Other Polymer Product Manufacturing

2229

-

Other Structural Metal Product Manufacturing

231

-

Motor Vehicle and Motor Vehicle Part Manufacturing

1332

-

Rope, Cordage and Twine Manufacturing

1522

-

Paper Bag Manufacturing

1915

-

Adhesive Manufacturing

2010

-

Glass and Glass Product Manufacturing

1411

-

Log Sawmilling

 

ISIC Rev 4 Codes:

2220

-

Manufacture of plastics products

2511

-

Manufacture of structural metal products

1399

-

Manufacture of other textiles n.e.c.

293

-

Manufacture of parts and accessories for motor vehicles

1621

-

Manufacture of veneer sheets and wood-based panels

2310

-

Manufacture of glass and glass products

2029

-

Manufacture of other chemical products n.e.c.

1701

-

Manufacture of pulp, paper and paperboard

 

NACE Rev 2 Codes:

2229

-

Manufacture of other plastic products

2512

-

Manufacture of doors and windows of metal

1396

-

Manufacture of other technical and industrial textiles

293

-

Manufacture of parts and accessories for motor vehicles

1621

-

Manufacture of veneer sheets and wood-based panels

2319

-

Manufacture and processing of other glass, including technical glassware

2052

-

Manufacture of glues

1712

-

Manufacture of paper and paperboard

 

NAICS 2012 Codes:

326199

-

All Other Plastics Product Manufacturing

332321

-

Metal Window and Door Manufacturing

314999

-

All Other Miscellaneous Textile Product Mills

336310

-

Motor Vehicle Gasoline Engine and Engine Parts Manufacturing

321918

-

Other Millwork (including Flooring)

327215

-

Glass Product Manufacturing Made of Purchased Glass

325520

-

Adhesive Manufacturing

322220

-

Paper Bag and Coated and Treated Paper Manufacturing

 

US SIC 1987:

3089

-

Plastics Products, Not Elsewhere Classified

3442

-

Metal Doors, Sash, Frames, Molding, and Trim Manufacturing

3714

-

Motor Vehicle Parts and Accessories

2299

-

Textile goods, Not Elsewhere Classified

2672

-

Coated and Laminated Paper, Not Elsewhere Classified

2891

-

Adhesives and Sealants

3231

-

Glass Products, Made of Purchased Glass

2431

-

Millwork

 

UK SIC 2007:

2229

-

Manufacture of other plastic products

2512

-

Manufacture of doors and windows of metal

1396

-

Manufacture of other technical and industrial textiles

293

-

Manufacture of parts and accessories for motor vehicles

1621

-

Manufacture of veneer sheets and wood-based panels

2319

-

Manufacture and processing of other glass, including technical glassware

2052

-

Manufacture of glues

1712

-

Manufacture of paper and paperboard

 

 

Financial Data

 

Financials in:

KRW(mil)

 

Revenue:

2,451,083.0

Net Income:

28,977.0

Assets:

1,778,034.0

Long Term Debt:

351,500.0

 

Total Liabilities:

1,057,035.0

 

Working Capital:

226.5

 

 

 

Date of Financial Data:

31-Dec-2012

 

1 Year Growth

0.2%

-20.8%

-8.5%

 

 

Business Description

 

LG Hausys, Ltd. is a Korea-based company mainly engaged in the manufacture of construction materials. The Company mainly operates in two business divisions: construction material division, and highly functional material and component division. Its construction material division manufactures window materials such as polyvinyl chloride (PVC) windows, aluminum windows and functional glasses, as well as interior materials such as flooring materials, wallpapers and artificial marble products, among others. Its highly functional material and component division manufactures gloss sheet products, decoration sheet products and functional adhesive materials, as well as automotive components, among others. The Company distributes its products within domestic market and to overseas markets. For the six months ended 30 June 2013, LG HAUSYS, LTD. revenues increased 8% to W1.288T. Net income before extraordinary items increased from W23.7B to W49.51B. Revenues reflect High Professional Qualification Material segment increase of 15% to W286.39B, Tignum segment increase of 6% to W402.28B, Common Segments and Other increase of 3% to W10.25B, South Korea segment increase of 10% to W447.57B.

 

More Business Descriptions

Manufacture of construction materials including aluminium and PVC windows, glasses, flooring and artificial marble products

 

 

Market Data

 

Quote Symbol:

108670

Exchange:

Korea Stock Exchange

Currency:

KRW

Stock Price:

132,000.0

Stock Price Date:

11-08-2013

52 Week Price Change %:

75.3

Market Value (mil):

1,227,607,040.0

 

SEDOL:

B55SJJ5

ISIN:

KR7108670001

 

Equity and Dept Distribution:

All financials are consolidated. 06/09 CLA.06/09 RCA.

 

 

Key Corporate Relationships

 

Auditor:

PricewaterhouseCoopers LLP

 

Auditor:

PWC LLP, PricewaterhouseCoopers LLP

 

 

Corporate Family      

 

Corporate Structure News:

3Total Corporate Family Members: 2

 

 

Company Name

Company Type

Location

Country

Industry

Sales
(USD mil)

Employees

LG HAUSYS, LTD.

Parent

Seoul

Korea, Republic of

Rubber and Plastic Product Manufacturing

2,175.2

2,832

Lgkhsr Ooo

Subsidiary

Moscow

Russian Federation

Rubber and Plastic Product Manufacturing

15.5

417

 

 

 

Executives Report

 

Board of Directors

Name

Title

Function

Myeong Hwan Kim

 

Non-Executive Independent Director

Director/Board Member

Biography:

Kim Myeong Hwan has been Non-Executive Independent Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Kim is also Vice Chairman of a Korea-based company. Previously, Kim was Head of the Seoul region division of Korea National Housing Corporation. Kim received a Bachelor's degree in Architectural Engineering from Seoul National University, Korea.

Age: 62

Education:

Seoul National University, B (Architectural Engineering)

Hyeon Kim

 

Non-Executive Independent Director

Director/Board Member

 

Biography:

Kim Hyeon has been Non-Executive Independent Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Kim is also a professor of Korea University. Kim received a Master's degree in Industrial Design from Seoul National University, Korea.

Age: 57

Education:

Seoul National University, M (Industrial Design)

Chan Seok Oh

 

Non-Executive Independent Director

Director/Board Member

 

Biography:

Oh Chan Seok has been Non-Executive Independent Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Oh is also Independent Director of DAEWOO SECURITIES CO.,LTD and a consultant of Ernst & Young Han Young, where Oh had served as President. Oh received a Master's degree in Business Administration from Pusan National University, Korea.

Age: 58

Education:

Pusan National University, M (Business Administration)

Ji Yeong Yoo

 

Director

Director/Board Member

 

Biography:

Yoo Ji Yeong has been Director of LG HAUSYS,LTD. since March 18, 2011. Yoo currently also works for LG Corp. Previously, Yoo Previously worked for LG CHEM LTD. Yoo completed a Doctorate's course of Chemistry in Seoul National University, Korea.

Age: 50

Education:

Seoul National University, PHD (Chemistry)

 

Executives

Name

Title

Function

Jang Su Oh

 

Chief Executive Officer, Director

Chief Executive Officer

Biography:

Oh Jang Su has been Chief Executive Officer and Director in LG HAUSYS,LTD. since March 15, 2013. Oh used to work for LG CHEM LTD. Oh holds a Bachelor's degree in Chemical Engineering from Seoul National University, Korea and a Master's degree in Business Administration from McGill University, Canada.

Age: 58

Education:

McGill University, M (Economics)
Seoul National University, B (Chemical Engineering)

Dong Ho Bae

 

Assistant Managing Director

Managing Director

Biography:

Bae Dong Ho has been Assistant Managing Director in LG HAUSYS,LTD. since April 1, 2009. Previously, Bae was Head of the AMS Business Division of LG Chem Ltd. Bae received a Bachelor's degree in Chemical Engineering from Sungkyunkwan University, Korea.

Age: 53

Education:

Sungkyunkwan University, B (Chemical Engineering)

Yun Haeng Cho

 

Assistant Managing Director

Managing Director

Age: 48

Education:

Yonsei University, B (Business Administration)

Jeong Hun Han

 

Assistant Managing Director

Managing Director

Age: 50

Education:

University of Washington, B (Business Administration)

Jin Hyeong Hwang

 

Assistant Managing Director

Managing Director

Age: 50

Education:

Inha University, B (Chemistry)

Gyeong Ju Hwang

 

Assistant Managing Director

Managing Director

Age: 47

Education:

Sogang University, B (Business Administration)

Dong Gwan Hwangbo

 

Assistant Managing Director

Managing Director

Biography:

Hwangbo Dong Gwan has been Assistant Managing Director of LG HAUSYS,LTD. since April 1, 2009. Previously, Hwangbo was Head of the LS Business Division of LG Chem Ltd. Hwangbo received a Bachelor's degree in Chemical Engineering from Pusan National University, Korea.

Age: 51

Education:

Pusan National University, B (Chemical Engineering)

Bong Su Kim

 

Assistant Managing Director

Managing Director

Biography:

Kim Bong Su is Assistant Managing Director of LG HAUSYS,LTD. Currently, Kim is also Assistant Managing Director of LG Corp., and Director of LG Household & Health Care, LG Life Sciences, Ltd, LG-DOW Polycarbonate, LG MMA and Coca-Cola Beverage Co. Previously, Kim was Director of the Company and AT Kearney. Kim received a Bachelor's degree in Statistics from Yonsei University, Korea and a Master's degree in Business Administration from Michigan University, the United States.

Age: 46

Education:

Michigan University, M (Business Administration)
Yonsei University, B (Statistics)

Eun Cheol Lee

 

Assistant Managing Director

Managing Director

Age: 47

Education:

Chung-Ang University, B (English Literature)

Jong Su Lee

 

Assistant Managing Director

Managing Director

Age: 48

Education:

University of Washington, M (Business Administration)

Gyeong Jip Min

 

Assistant Managing Director

Managing Director

Biography:

Min Gyeong Jip has been Assistant Managing Director of LG HAUSYS,LTD. since April 1, 2009. Previously, Min was Head of the industrial materials research center of LG Chem Ltd. Min received a Doctorate's degree in Chemical Engineering from Rensselaer Polytechnic Institute (RPI), the United States.

Age: 55

Education:

Rensselaer Polytechnic Institute, PHD (Chemical Engineering)

Hyeon Sin Park

 

Assistant Managing Director

Managing Director

Biography:

Park Hyeon Sin has been Assistant Managing Director of LG HAUSYS,LTD. since April 1, 2009. Currently, Park is also Director of Hausys Eng Co.,LTD. Previously, Park worked for LG Chem Ltd. Park received a Bachelor's degree in Chemistry from Sungkyunkwan University, Korea.

Age: 65

Education:

Sungkyunkwan University, B (Chemistry)

Seong Hui Park

 

Assistant Managing Director

Managing Director

Biography:

Park Seong Hui has been Assistant Managing Director of LG HAUSYS,LTD. since April 1, 2009. Previously, Park worked for LG Chem Ltd. Park received a Master's degree in Visual Design from Pratt Institute, the United States.

Age: 45

Education:

Pratt Institute, M

Gwi Bong Park

 

Assistant Managing Director

Managing Director

Age: 50

Education:

Chung-Ang University, B (Chemical Engineering)

Seung Bae Park

 

Assistant Managing Director

Managing Director

Biography:

Park Seung Bae has been Assistant Managing Director of LG HAUSYS,LTD. since April 1, 2009. Previously, Park was Corporate Head of LG CAI. Park received a Bachelor's degree in International Trade from Pusan National University, Korea.

Age: 55

Education:

Pusan National University, B (International Trade)

Dong Won Shin

 

Assistant Managing Director

Managing Director

Age: 53

Tae Sun Yoon

 

Chief Human Resource Officer, Assistant Managing Director

Managing Director

Biography:

Yoon Tae Sun is Chief Human Resource Officer and Assistant Managing Director of LG HAUSYS,LTD. Previously, Yoon worked for LG Chem Ltd. Yoon received a Master's degree in Maintenance of Indigenous Languages and ( MILR ) from Cornell University, the United States.

Age: 54

Education:

Cornell University, M

Hong Gi Kim

 

Chief Financial Officer, Director

Finance Executive

Biography:

Kim Hong Gi has been Chief Financial Officer and Director of LG HAUSYS,LTD. since April 1, 2009. Previously, Kim worked for LG Chem Ltd. Kim received a Master's degree in Business Administration from Seoul National University, Korea.

Age: 50

Education:

Seoul National University, M (Business Administration)

 

Significant Developments

 

 

 

 

LG Hausys Ltd Appoints New CEO

Mar 15, 2013


LG Hausys Ltd announced that it has appointed Oh Jang Su as its new Chief Executive Officer, replacing Han Myeong Ho, effective March 15, 2013.

LG Hausys Ltd Announces Changes in Shareholding Structure

Feb 26, 2013


LG Hausys Ltd announced that Truston Asset Management Co., Ltd. and two related parties have acquired 449,088 shares of the Company, representing a 5.01% stake.

LG Hausys Ltd Declares Annual Cash Dividend for FY 2012

Jan 30, 2013


LG Hausys Ltd announced that its Board of Directors has declared an annual cash dividend of KRW 1,000 per share of common stock and KRW 1,050 per share of preferred stock for the fiscal year 2012 to shareholders of record on December 31, 2012. The dividend rates of market prices are 1.3% (common shares) and 4.7% (preferred shares), respectively. The total cash dividend amount is KRW 10,031,233,950.

 

News

 

WIPO PUBLISHES PATENT OF LG HAUSYS FOR "COATING COMPOSITION WITH EXCELLENT TACTILE CHARACTERISTICS, PREPARATION METHOD THEREOF AND TRANSFER SHEET...
U.S. Fed News (283 Words)

15-Nov-2013

ECO-FRIENDLY FOAMING SHEET
European Patents (167 Words)

11-Nov-2013

VACUUM MOLD HAVING A REVERSE SOLID PATTERN, AND VACUUM-FORMING METHOD USING SAME
European Patents (138 Words)

11-Nov-2013

PWS Worksurfaces gets Hi-Macs seal of approval
Kbbdaily (109 Words)

11-Nov-2013

USPTO Published Patent application of LG HAUSYS LTD titled as "METAL-COLORED AND NON-CONDUCTIVE TRANSFER FILM"
Plus Patent News (174 Words)

11-Nov-2013

USPTO Published Patent application of LG HAUSYS, LTD. titled as "MIRROR-SURFACE SHEET COMPRISING TRANSPARENT PROJECTIONS HAVING AN INDEPENDENT STRUCTURE AND PRODUCTION METHOD THEREFOR"
Plus Patent News (221 Words)

11-Nov-2013

David Clouting's Interior Film
Hospitality Interiors (194 Words)

08-Nov-2013

WIPO PUBLISHES PATENT OF LG HAUSYS FOR "ADHESIVE COMPOSITION HAVING OUTSTANDING BARRIER CHARACTERISTICS" (SOUTH KOREAN INVENTORS)
U.S. Fed News (175 Words)

08-Nov-2013

ADHESIVE RESIN COMPOSITION CONTAINING AN AMINE-BASED ACCELERATOR, AND A DECORATIVE FILM INCLUDING SAME
European Patents (153 Words)

04-Nov-2013

CORE MATERIAL FOR A VACUUM INSULATION PANEL FORMED OF A PHENOLIC RESIN-CURED FOAM AND VACUUM INSULATION PANEL USING SAME, AND METHOD FOR...
European Patents (209 Words)

04-Nov-2013

CARBON NANOTUBE SHEET HEATER
European Patents (43 Words)

04-Nov-2013

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

 

Period Length

12 Months

12 Months

12 Months

9 Months

 

UpdateType/Date

Updated Normal
31-Dec-2012

Restated Normal
31-Dec-2012

Updated Normal
31-Dec-2010

Restated Special
31-Dec-2010

 

Filed Currency

KRW

KRW

KRW

KRW

 

Exchange Rate (Period Average)

1126.848795

1107.891393

1156.281981

1276.385219

 

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

 

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

 

 

    Net Sales

2,175.2

2,207.3

1,939.0

1,302.5

 

Revenue

2,175.2

2,207.3

1,939.0

1,302.5

 

Total Revenue

2,175.2

2,207.3

1,939.0

1,302.5

 

 

 

 

 

 

 

    Cost of Revenue

1,706.6

1,768.0

1,548.0

1,038.7

 

Cost of Revenue, Total

1,706.6

1,768.0

1,548.0

1,038.7

 

Gross Profit

468.6

439.2

391.0

263.8

 

 

 

 

 

 

 

    Selling/General/Administrative Expense

241.9

212.1

191.7

117.5

 

    Labor & Related Expense

127.6

115.8

101.3

62.8

 

    Advertising Expense

16.5

20.2

21.7

16.3

 

Total Selling/General/Administrative Expenses

386.0

348.2

314.7

196.6

 

Research & Development

9.8

8.4

8.2

4.9

 

    Depreciation

19.8

16.0

14.1

8.7

 

    Amortization of Intangibles

2.7

2.3

1.8

1.0

 

Depreciation/Amortization

22.5

18.3

16.0

9.7

 

        Investment Income - Operating

-

-

1.2

1.3

 

    Interest/Investment Income - Operating

-

-

1.2

1.3

 

Interest Expense (Income) - Net Operating Total

-

-

1.2

1.3

 

    Loss (Gain) on Sale of Assets - Operating

-

-

-1.9

8.3

 

Unusual Expense (Income)

-

-

-1.9

8.3

 

    Other Operating Expense

-

-

4.3

11.5

 

    Other, Net

-

-

-6.5

-2.1

 

Other Operating Expenses, Total

-

-

-2.1

9.4

 

Total Operating Expense

2,124.9

2,143.0

1,884.1

1,269.0

 

 

 

 

 

 

 

Operating Income

50.3

64.2

54.9

33.5

 

 

 

 

 

 

 

        Interest Expense - Non-Operating

-18.5

-17.0

-14.3

-10.2

 

    Interest Expense, Net Non-Operating

-18.5

-17.0

-14.3

-10.2

 

        Interest Income - Non-Operating

6.9

6.3

7.5

4.1

 

        Investment Income - Non-Operating

-14.4

-0.9

1.2

0.3

 

    Interest/Investment Income - Non-Operating

-7.4

5.4

8.7

4.4

 

Interest Income (Expense) - Net Non-Operating Total

-25.9

-11.6

-5.5

-5.9

 

Gain (Loss) on Sale of Assets

25.0

2.6

-

-

 

    Other Non-Operating Income (Expense)

-2.8

2.0

-1.0

-3.2

 

Other, Net

-2.8

2.0

-1.0

-3.2

 

Income Before Tax

46.5

57.2

48.3

24.4

 

 

 

 

 

 

 

Total Income Tax

12.0

11.7

12.3

2.6

 

Income After Tax

34.5

45.5

36.0

21.8

 

 

 

 

 

 

 

    Minority Interest

0.4

0.2

0.6

-0.5

 

Net Income Before Extraord Items

34.9

45.7

36.7

21.3

 

    Discontinued Operations

-9.2

-3.7

-1.4

-3.4

 

Total Extraord Items

-9.2

-3.7

-1.4

-3.4

 

Net Income

25.7

42.0

35.3

17.9

 

 

 

 

 

 

 

    Preferred Dividends

-2.7

-4.4

-3.7

-1.9

 

Total Adjustments to Net Income

-2.7

-4.4

-3.7

-1.9

 

Income Available to Common Excl Extraord Items

32.2

41.4

33.0

19.4

 

 

 

 

 

 

 

Income Available to Common Incl Extraord Items

23.0

37.6

31.6

16.0

 

 

 

 

 

 

 

Basic/Primary Weighted Average Shares

8.9

8.9

8.9

9.0

 

Basic EPS Excl Extraord Items

3.60

4.62

3.69

2.17

 

Basic/Primary EPS Incl Extraord Items

2.57

4.21

3.53

1.79

 

Dilution Adjustment

0.0

0.0

0.0

0.0

 

Diluted Net Income

23.0

37.6

31.6

16.0

 

Diluted Weighted Average Shares

8.9

8.9

8.9

9.0

 

Diluted EPS Excl Extraord Items

3.60

4.62

3.69

2.17

 

Diluted EPS Incl Extraord Items

2.57

4.21

3.53

1.79

 

Dividends per Share - Common Stock Primary Issue

0.89

0.90

0.86

0.78

 

Gross Dividends - Common Stock

-

8.1

7.7

7.0

 

Interest Expense, Supplemental

18.5

17.0

14.3

10.2

 

Interest Capitalized, Supplemental

-2.4

-0.1

-0.1

-0.4

 

Depreciation, Supplemental

70.9

62.0

55.5

37.8

 

Total Special Items

-25.0

-2.6

-1.9

8.3

 

Normalized Income Before Tax

21.5

54.7

46.5

32.8

 

 

 

 

 

 

 

Effect of Special Items on Income Taxes

-6.4

-0.5

-0.5

0.9

 

Inc Tax Ex Impact of Sp Items

5.5

11.2

11.8

3.5

 

Normalized Income After Tax

16.0

43.5

34.6

29.2

 

 

 

 

 

 

 

Normalized Inc. Avail to Com.

13.7

39.3

31.6

26.8

 

 

 

 

 

 

 

Basic Normalized EPS

1.53

4.39

3.53

3.00

 

Diluted Normalized EPS

1.53

4.39

3.53

3.00

 

Amort of Intangibles, Supplemental

3.1

2.6

2.2

1.4

 

Advertising Expense, Supplemental

16.5

20.2

21.7

16.3

 

Research & Development Exp, Supplemental

9.8

8.4

8.2

4.9

 

Normalized EBIT

50.3

64.2

54.3

43.2

 

Normalized EBITDA

124.3

128.9

111.9

82.4

 

 

 

Annual Balance Sheet

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

UpdateType/Date

Updated Normal
31-Dec-2012

Reclassified Normal
31-Dec-2012

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Filed Currency

KRW

KRW

KRW

KRW

Exchange Rate

1066.400024

1152

1134.9

1164.475

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

    Cash & Equivalents

93.4

285.3

171.7

190.5

    Short Term Investments

98.4

64.8

53.0

0.0

Cash and Short Term Investments

191.9

350.1

224.7

190.5

        Accounts Receivable - Trade, Gross

404.5

390.6

331.1

358.9

        Provision for Doubtful Accounts

-12.4

-10.5

-11.4

-21.5

    Trade Accounts Receivable - Net

393.7

381.7

321.4

337.4

    Other Receivables

55.7

28.3

20.0

43.1

Total Receivables, Net

449.4

410.0

341.4

380.6

    Inventories - Finished Goods

132.0

127.9

96.0

75.0

    Inventories - Work In Progress

11.8

14.1

11.8

9.3

    Inventories - Raw Materials

34.3

32.4

19.9

13.1

    Inventories - Other

8.8

9.2

7.6

4.3

Total Inventory

186.9

183.6

135.4

101.8

Prepaid Expenses

15.3

14.9

10.6

9.1

    Other Current Assets

0.7

0.8

1.0

0.4

Other Current Assets, Total

0.7

0.8

1.0

0.4

Total Current Assets

844.1

959.3

713.1

682.4

 

 

 

 

 

        Buildings

231.0

198.0

195.2

173.6

        Land/Improvements

52.6

48.7

64.5

62.2

        Machinery/Equipment

973.1

816.0

711.3

671.0

        Construction in Progress

68.8

97.9

98.5

38.5

    Property/Plant/Equipment - Gross

1,325.5

1,160.6

1,069.5

945.3

    Accumulated Depreciation

-599.1

-531.2

-509.2

-484.6

Property/Plant/Equipment - Net

726.4

629.4

560.3

460.7

Intangibles, Net

30.4

25.8

22.3

17.3

    LT Investment - Affiliate Companies

4.8

5.2

-

-

    LT Investments - Other

3.5

1.5

2.1

2.0

Long Term Investments

8.3

6.7

2.1

2.0

Note Receivable - Long Term

2.2

2.1

3.7

15.2

    Deferred Income Tax - Long Term Asset

16.3

15.0

18.4

22.2

    Discontinued Operations - Long Term Asset

4.1

18.7

1.0

1.2

    Other Long Term Assets

35.5

29.2

18.1

3.1

Other Long Term Assets, Total

55.9

62.9

37.5

26.5

Total Assets

1,667.3

1,686.2

1,339.1

1,204.0

 

 

 

 

 

Accounts Payable

203.0

186.3

174.9

166.1

Accrued Expenses

17.6

21.2

17.8

15.9

Notes Payable/Short Term Debt

178.0

273.5

190.6

121.9

Current Portion - Long Term Debt/Capital Leases

63.9

130.3

0.1

-

    Customer Advances

11.2

18.8

4.5

5.1

    Income Taxes Payable

5.5

2.3

1.4

-

    Other Payables

139.7

130.5

120.8

119.9

    Other Current Liabilities

12.8

12.4

15.3

8.8

Other Current liabilities, Total

169.2

164.0

141.9

133.7

Total Current Liabilities

631.7

775.2

525.3

437.7

 

 

 

 

 

    Long Term Debt

329.6

271.4

185.9

181.1

Total Long Term Debt

329.6

271.4

185.9

181.1

Total Debt

571.5

675.2

376.6

303.0

 

 

 

 

 

    Deferred Income Tax - LT Liability

0.1

0.1

0.0

-

Deferred Income Tax

0.1

0.1

0.0

-

Minority Interest

5.2

0.7

6.7

2.6

    Pension Benefits - Underfunded

24.5

12.4

13.0

10.1

    Other Long Term Liabilities

0.1

0.1

1.6

1.6

Other Liabilities, Total

24.6

12.5

14.6

11.7

Total Liabilities

991.2

1,059.9

732.6

633.1

 

 

 

 

 

    Preferred Stock - Non Redeemable

4.8

4.5

4.5

4.4

Preferred Stock - Non Redeemable, Net

4.8

4.5

4.5

4.4

    Common Stock

42.0

38.9

39.5

38.5

Common Stock

42.0

38.9

39.5

38.5

Additional Paid-In Capital

579.7

536.6

544.7

530.9

Retained Earnings (Accumulated Deficit)

74.8

62.8

47.3

18.1

Treasury Stock - Common

-1.9

-1.7

-

-

Unrealized Gain (Loss)

-0.4

-0.3

-8.1

-

    Translation Adjustment

-17.3

-9.2

-14.2

-

    Other Equity

-5.8

-5.4

-7.2

-7.0

    Other Comprehensive Income

-

-

-

-13.9

Other Equity, Total

-23.1

-14.6

-21.4

-20.9

Total Equity

676.1

626.3

606.5

570.9

 

 

 

 

 

Total Liabilities & Shareholders’ Equity

1,667.3

1,686.2

1,339.1

1,204.0

 

 

 

 

 

    Shares Outstanding - Common Stock Primary Issue

8.9

8.9

8.9

8.9

Total Common Shares Outstanding

8.9

8.9

8.9

8.9

Treasury Shares - Common Stock Primary Issue

0.0

0.0

0.0

0.0

    Shares Outstanding - Preferred Stock Primary Issue

1.0

1.0

1.0

1.0

Total Preferred Stock Outstanding

1.0

1.0

1.0

1.0

Treasury Shares - Preferred Primary Issue

0.0

0.0

0.0

0.0

Employees

-

2,696

2,682

2,731

Number of Common Shareholders

-

-

21,251

17,815

Deferred Revenue - Current

11.2

18.8

4.5

5.1

Total Long Term Debt, Supplemental

-

-

0.1

207.6

Long Term Debt Maturing within 1 Year

-

-

0.1

26.0

Long Term Debt Maturing in Year 2

-

-

-

0.1

Long Term Debt Maturing in Year 3

-

-

-

128.9

Long Term Debt Maturing in Year 4

-

-

-

51.6

Long Term Debt Maturing in 2-3 Years

-

-

-

129.0

Long Term Debt Maturing in 4-5 Years

-

-

-

51.6

Long Term Debt Matur. in Year 6 & Beyond

-

-

0.0

1.0

 

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

9 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Reclassified Normal
31-Dec-2012

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Filed Currency

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

1156.281981

1276.385219

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified with Explanation

 

 

 

 

 

Net Income/Starting Line

46.5

57.2

48.3

20.0

    Depreciation

70.9

62.0

55.5

37.8

Depreciation/Depletion

70.9

62.0

55.5

37.8

    Amortization of Intangibles

3.1

2.6

2.2

1.4

Amortization

3.1

2.6

2.2

1.4

    Discontinued Operations

-12.1

-4.9

-1.8

-

    Unusual Items

-5.1

-3.1

-1.8

17.8

    Other Non-Cash Items

33.9

26.7

7.9

18.8

Non-Cash Items

16.7

18.7

4.2

36.6

    Accounts Receivable

-21.3

-76.7

22.2

-181.8

    Inventories

6.5

-53.8

-29.1

17.9

    Other Assets

-12.5

-14.8

2.0

-11.4

    Accounts Payable

2.4

30.5

4.8

141.3

    Other Liabilities

-13.2

-6.3

-15.8

-4.3

    Other Operating Cash Flow

-15.2

-13.8

-6.6

-10.2

Changes in Working Capital

-53.3

-135.0

-22.5

-48.6

Cash from Operating Activities

83.9

5.5

87.7

47.2

 

 

 

 

 

    Purchase of Fixed Assets

-180.3

-201.8

-161.0

-63.7

    Purchase/Acquisition of Intangibles

-3.4

-3.2

-1.6

-1.2

Capital Expenditures

-183.7

-205.0

-162.6

-64.9

    Sale of Fixed Assets

25.6

22.0

16.1

8.9

    Sale/Maturity of Investment

-

0.7

0.0

0.0

    Investment, Net

-

-0.5

-

-

    Purchase of Investments

-2.1

-

0.0

0.0

    Sale of Intangible Assets

0.0

0.3

0.1

0.0

    Other Investing Cash Flow

10.4

-3.0

-30.2

-21.9

Other Investing Cash Flow Items, Total

33.9

19.6

-14.0

-13.0

Cash from Investing Activities

-149.8

-185.3

-176.6

-77.9

 

 

 

 

 

    Other Financing Cash Flow

4.6

-

4.6

-2.2

Financing Cash Flow Items

4.6

-

4.6

-2.2

Total Cash Dividends Paid

-8.9

-9.1

-8.7

-

        Repurchase/Retirement of Common

-

-

-

-1.6

    Common Stock, Net

-

-

-

-1.6

Issuance (Retirement) of Stock, Net

-

-

-

-1.6

    Total Debt Issued

617.0

790.9

356.3

57.8

    Total Debt Reduction

-748.6

-480.6

-287.2

-31.4

Issuance (Retirement) of Debt, Net

-131.7

310.3

69.1

26.4

Cash from Financing Activities

-136.0

301.2

65.1

22.6

 

 

 

 

 

Foreign Exchange Effects

-1.3

-0.7

0.5

-2.2

Net Change in Cash

-203.2

120.7

-23.3

-10.2

 

 

 

 

 

Net Cash - Beginning Balance

291.6

175.9

191.8

184.0

Net Cash - Ending Balance

88.4

296.6

168.6

173.8

Cash Interest Paid

19.5

15.5

11.9

7.6

Cash Taxes Paid

2.6

4.8

1.1

7.0

 

 

Annual Income Statement

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

9 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Restated Normal
31-Dec-2012

Updated Normal
31-Dec-2010

Restated Special
31-Dec-2010

Filed Currency

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

1156.281981

1276.385219

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

    Sales Revenue

2,175.2

2,207.3

1,939.0

1,302.5

Total Revenue

2,175.2

2,207.3

1,939.0

1,302.5

 

 

 

 

 

    Costs of Goods & Services Sold

1,706.6

1,768.0

1,548.0

1,038.7

    Salaries & Wages

99.4

93.0

81.2

49.3

    Retirement & Severance Benefits

6.6

4.9

3.1

3.6

    Employee Benefits

21.6

18.0

17.0

9.8

    Travel Expense

13.6

13.1

12.5

7.3

    Utility Expense

2.0

1.4

1.1

2.8

    Usage Fee

9.8

10.1

10.3

6.2

    Commission Paid

62.3

49.7

48.0

28.5

    Shipping & Handling Expense

58.1

53.2

47.1

25.7

    Packaging Expense

8.2

8.2

6.9

2.8

    Advertising Expense

16.5

20.2

21.7

16.3

    Education & Training Expense

3.9

2.8

2.1

1.7

    Sample Expense

23.3

17.2

18.5

7.1

    R & D Expense

9.8

8.4

8.2

4.9

    Depreciation

19.8

16.0

14.1

8.7

    Amort. of Intangibless

2.7

2.3

1.8

1.0

    Other Selling & Administrative Expense

60.9

56.4

45.2

35.5

    Gain on Disposal of PPE

-

-

-4.9

-0.3

    Gain on Foreign Currency Transaction

-

-

-11.7

-2.2

    Gain on Foreign Currency Translation

-

-

-3.7

-1.4

    Reversal of Allow. for Other DA

-

-

-2.4

-

    Other Operating Income

-

-

-4.1

-2.1

    Loss on Disposal of PPE

-

-

3.0

8.6

    Loss on Disposal of Intangibless

-

-

0.0

-

    Loss on Foreign Currency Transaction

-

-

12.9

2.6

    Loss on Foreign Currency Translation

-

-

3.7

2.3

    Other Operating Expense

-

-

4.3

11.5

Total Operating Expense

2,124.9

2,143.0

1,884.1

1,269.0

 

 

 

 

 

    Interest Income

6.9

6.3

7.5

4.1

    Gain on Foreign Currency Transaction

0.4

1.5

1.2

1.6

    Gain on Foreign Currency Translation

3.6

3.1

1.4

0.2

    Gain on Disposal of PPE

26.3

5.5

-

-

    Dividend Income

-

0.0

0.0

-

    Gain on Insurance

11.8

-

-

-

    Other Non-Operating Income

4.5

5.9

-

-

    Gain on Foreign Exchange Transaction,Non

9.3

13.1

-

-

    Gain on Foreign Currency Translation,Non

4.3

6.4

-

-

    Interest Expense

-18.5

-17.0

-14.3

-10.2

    Loss on Foreign Currency Transaction

-0.4

-0.7

-0.8

-1.5

    Loss on Foreign Currency Translation

-3.2

-3.2

-0.6

0.0

    Impmt Loss on PPE

-12.0

-0.1

-

-

    Loss on Disposal of PPE

-1.4

-3.0

-

-

    Casualty Loss

-11.8

-

-

-

    Loss on Foreign Exchange Transaction,Non

-10.3

-12.5

-

-

    Loss on Foreign Currency Translation,Non

-5.3

-7.8

-

-

    Other Non-Operating Income/Loss

-7.3

-3.9

-1.0

-3.2

    Gain/Loss under Equity Method

-0.9

-0.7

-

-

Net Income Before Taxes

46.5

57.2

48.3

24.4

 

 

 

 

 

Prov. for Income Taxes

12.0

11.7

12.3

2.6

Net Income After Taxes

34.5

45.5

36.0

21.8

 

 

 

 

 

    Minority Interest

0.4

0.2

0.6

-0.5

Net Income Before Extra. Items

34.9

45.7

36.7

21.3

    Loss on Discontinued Operations

-9.2

-3.7

-1.4

-3.4

Net Income

25.7

42.0

35.3

17.9

 

 

 

 

 

    Preferred Dividend

-1.0

-1.0

-0.9

-0.8

    Participated Preferred Dividend

-1.7

-3.4

-2.7

-1.0

Income Available to Com Excl ExtraOrd

32.2

41.4

33.0

19.4

 

 

 

 

 

Income Available to Com Incl ExtraOrd

23.0

37.6

31.6

16.0

 

 

 

 

 

Basic Weighted Average Shares

8.9

8.9

8.9

9.0

Basic EPS Excluding ExtraOrdinary Items

3.60

4.62

3.69

2.17

Basic EPS Including ExtraOrdinary Items

2.57

4.21

3.53

1.79

Dilution Adjustment

0.0

0.0

0.0

0.0

Diluted Net Income

23.0

37.6

31.6

16.0

Diluted Weighted Average Shares

8.9

8.9

8.9

9.0

Diluted EPS Excluding ExtraOrd Items

3.60

4.62

3.69

2.17

Diluted EPS Including ExtraOrd Items

2.57

4.21

3.53

1.79

DPS-Ordinary Shares

0.89

0.90

0.86

0.78

Gross Dividends - Common Stock

-

8.1

7.7

7.0

Normalized Income Before Taxes

21.5

54.7

46.5

32.8

 

 

 

 

 

Inc Tax Ex Impact of Sp Items

5.5

11.2

11.8

3.5

Normalized Income After Taxes

16.0

43.5

34.6

29.2

 

 

 

 

 

Normalized Inc. Avail to Com.

13.7

39.3

31.6

26.8

 

 

 

 

 

Basic Normalized EPS

1.53

4.39

3.53

3.00

Diluted Normalized EPS

1.53

4.39

3.53

3.00

Interest Expense, Supplemental

18.5

17.0

14.3

10.2

Interest Capitalized, Supplemental

-2.4

-0.1

-0.1

-0.4

Advertising Expense, Supplemental

16.5

20.2

21.7

16.3

R&D Expense, Supplemental

9.8

8.4

8.2

4.9

Depreciation, Supplemental

70.9

62.0

55.5

37.8

Amort of Intangibles, Supplemental

3.1

2.6

2.2

1.4

 

 

Annual Balance Sheet

 

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

UpdateType/Date

Updated Normal
31-Dec-2012

Reclassified Normal
31-Dec-2012

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Filed Currency

KRW

KRW

KRW

KRW

Exchange Rate

1066.400024

1152

1134.9

1164.475

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

    Cash & Cash Equivalents

93.4

285.3

171.7

190.5

    Current Fincl Deposits

98.4

64.8

53.0

-

    Current Fincl Assets(1)

-

-

0.0

-

    Trade Receivable, Gross

404.5

390.6

331.1

358.9

    Allow. for DA for Trade Receivable

-12.4

-10.5

-11.4

-21.5

    Account Receivable

64.2

36.2

30.2

43.1

    Current Loans

0.2

0.1

-

-

    Allow. for DA for Account Recv. & Others

-8.6

-7.9

-10.2

-

    Accrued Income

1.6

1.5

1.7

-

    Prepaid Expense

4.4

3.3

2.6

2.5

    Advance Payments

3.3

3.7

5.0

2.0

    Prepaid Income Taxes

0.7

1.6

0.8

2.8

    Prepaid Value Added Taxes

10.2

10.1

7.2

3.8

    Current Fincl Assets

-

-

-

0.0

    Other Current Assets

0.7

0.8

1.0

0.4

    Merchandises

63.9

57.7

48.5

42.1

    Finished Goods

48.4

53.9

32.6

23.4

    Goods in Transit

19.8

16.3

14.9

9.6

    Raw Materials

34.3

32.4

19.9

13.1

    Semi-finished Goods

11.8

14.1

11.8

9.3

    Supplies

5.5

5.6

2.6

2.3

Total Current Assets

844.1

959.3

713.1

682.4

 

 

 

 

 

    Non-Current Fincl Instrm

3.2

1.0

1.6

1.4

    Non-Current Fincl Deposits

0.0

0.0

0.0

-

    Non-Current Loans & Other Receivable

-

-

-

12.1

    Non-Current Loans

0.3

0.5

0.4

-

    Invmt in Affiliates

4.8

5.2

-

-

    Other Invmt Assets

0.3

0.5

0.4

0.6

    Non-Current Guarantee Deposits

22.1

15.5

15.1

-

    Non-Current Prepaid Expense

13.4

13.8

3.0

3.1

    Non-Current Trade Receivable

1.9

1.6

3.3

3.0

    Lands

52.6

48.7

64.5

62.2

    Buildings

205.5

178.4

175.3

156.2

    Buildings-Depreciation

-46.3

-41.7

-44.9

-40.4

    Buildings-Reduction

-5.7

-5.3

-5.4

-5.3

    Structures

32.7

26.2

26.7

24.0

    Structures-Depreciation

-16.2

-14.1

-14.8

-13.6

    Structures-Reduction

-1.5

-1.4

-1.4

-1.3

    Tools & Equipments

238.3

198.5

200.7

187.9

    Tools & Equipments-Depreciation

-160.0

-132.1

-131.3

-115.3

    Tools & Equipments-Reduction

-2.2

-0.1

-1.0

-1.9

    Machineries & Equipments

672.9

555.9

459.5

445.5

    Machineries & Equipments-Depreciation

-332.4

-304.0

-280.9

-281.0

    Machineries & Equipments-Reduction

-12.0

-1.6

-1.6

-8.1

    Vehicles

7.8

6.1

4.5

4.0

    Vehicles-Depreciation

-4.1

-3.6

-3.2

-2.7

    Vehicles-Reduction

0.0

-

-

-

    Fixtures

68.5

57.1

49.2

43.4

    Fixtures-Depreciation

-40.1

-35.7

-34.2

-31.6

    Fixtures-Reduction

-0.1

0.0

0.0

0.0

    Construction in Progress

66.0

60.0

91.8

34.0

    Machines in Transit

2.9

37.9

6.7

4.5

    Industrial Property Rights

8.8

6.6

5.0

4.0

    Development Costs

7.9

6.8

4.8

2.6

    Other Intangibless

13.7

12.4

12.5

10.7

    Non-Current Deferred Income Taxes Assets

16.3

15.0

18.4

22.2

    Non-Current Assets Held for Sale

4.1

18.7

1.0

1.2

Total Assets

1,667.3

1,686.2

1,339.1

1,204.0

 

 

 

 

 

    Current Trade Payable

203.0

186.3

174.9

166.1

    Other Payable

139.7

130.5

120.8

119.9

    Accrued Expense

17.6

21.2

17.8

15.9

    Income Taxes Payable

5.5

2.3

1.4

-

    Advance from Customers, Current

2.7

10.2

3.9

4.6

    Unearned Income

8.5

8.6

0.6

0.4

    Withheld

8.8

9.7

11.8

6.1

    Current Borrowings

178.0

273.5

190.6

121.9

    Current Portion of Long-Term Borrowings

7.7

0.1

0.1

-

    Current Portion of Bonds

56.2

130.2

-

-

    Resv for Current Liabilities

3.8

2.6

3.3

2.6

    Other Current Liabilities

0.2

0.1

0.1

-

Total Current Liabilities

631.7

775.2

525.3

437.7

 

 

 

 

 

    Bonds

280.4

224.9

184.7

-

    Non-Current Borrowings

49.2

46.5

1.2

181.1

Total Long Term Debt

329.6

271.4

185.9

181.1

 

 

 

 

 

    Guarantee Deposits Withheld, Non-Current

0.1

0.1

1.6

1.5

    LT Other Liabilities

-

-

-

0.1

    Deferred Income Taxes, LT Liabilities

0.1

0.1

0.0

-

    Provisions for Retirement and Severance

24.5

12.4

13.0

10.1

    Minority Interests

5.2

0.7

6.7

2.6

Total Liabilities

991.2

1,059.9

732.6

633.1

 

 

 

 

 

    Common Stock

42.0

38.9

39.5

38.5

    Preferred Stock

4.8

4.5

4.5

4.4

    Capital Surplus

-

-

544.7

530.9

    Additional Paid in Capital

579.7

536.6

-

-

    Other Capital Surplus

0.0

0.0

-

-

    Retained Earnings

74.8

62.8

-

-

    Retained Earnings Carried Forward

-

-

37.3

18.1

    Legal Resvs

-

-

0.9

-

    Voluntary Reserve

-

-

9.1

-

    Consolidated Equity Transaction

-5.8

-5.4

-

-

    Other Capital Items

-

-

-7.2

-7.0

    Actuarial Gains & Losses

-

-

-8.3

-

    Gain/Loss on Valuation of Securities Ava

-0.4

-0.3

0.1

-

    Accumulated Other Comprehensive Income

-

-

-

-13.9

    Treasury Stock

-1.9

-1.7

-

-

    Overseas Business Translation Debit

-17.3

-9.2

-14.2

-

Total Equity

676.1

626.3

606.5

570.9

 

 

 

 

 

Total Liabilities & Shareholders' Equity

1,667.3

1,686.2

1,339.1

1,204.0

 

 

 

 

 

    S/O-Ordinary Shares

8.9

8.9

8.9

8.9

Total Common Shares Outstanding

8.9

8.9

8.9

8.9

T/S-Ordinary Shares

0.0

0.0

0.0

0.0

    S/O-Preference Shares

1.0

1.0

1.0

1.0

Total Preferred Shares Outstanding

1.0

1.0

1.0

1.0

T/S-Preference Shares

0.0

0.0

0.0

0.0

Deferred Revenue, Current

11.2

18.8

4.5

5.1

Full-Tme Employees

-

2,696

2,682

2,731

Number of Shareholders

-

-

21,251

17,815

LT Debt Due in 1 Year

-

-

0.1

26.0

LT Debt Due in 2 Year

-

-

-

0.1

LT Debt Due in 3 Year

-

-

-

128.9

LT Debt Due in 4 Year

-

-

-

51.6

LT Debt -Remaining Maturities

-

-

-

1.0

Total Long Term Debt, Supplemental

-

-

0.1

207.6

 

Annual Cash Flows

 

Financials in: USD (mil)

 

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

Period Length

12 Months

12 Months

12 Months

9 Months

UpdateType/Date

Updated Normal
31-Dec-2012

Reclassified Normal
31-Dec-2012

Updated Normal
31-Dec-2010

Restated Normal
31-Dec-2010

Filed Currency

KRW

KRW

KRW

KRW

Exchange Rate (Period Average)

1126.848795

1107.891393

1156.281981

1276.385219

Auditor

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

PricewaterhouseCoopers LLP

Auditor Opinion

Unqualified

Unqualified

Unqualified with Explanation

Unqualified

 

 

 

 

 

Net Income or Loss

46.5

57.2

48.3

20.0

    Depreciation

70.9

62.0

55.5

37.8

    Amort. of Intangibless

3.1

2.6

2.2

1.4

    Expense of Allow. for DA

3.3

2.9

-

1.5

    Payment for Retirement Allow., ONCI

13.3

10.8

6.7

7.2

    Gain/Loss on Discontinued Operations

-12.1

-4.9

-1.8

-

    Impmt Loss on Tangibles

12.0

0.1

-

7.7

    G/L on Foreign Currency Translation

0.5

1.5

-0.8

0.7

    Gain/Loss on Sale of Property, Plant and

-17.5

-2.6

-1.9

9.6

    Gain/Loss on Sale of Intangible Assets

0.5

0.0

0.1

0.4

    Gain on Disposal of Securities Available

-

0.0

-

-

    Gain on Disposal of Investment in Subsid

-

-0.7

-

-

    Interest Income

-6.9

-6.3

-7.5

-4.1

    Interest Expenses

20.9

18.3

14.4

10.6

    Expense of Allow. for Other DA

0.3

-2.2

-2.4

-

    Other Cash Flow from Operating Activity

2.6

1.7

-2.5

2.9

    Trade Receivables

2.1

-69.5

23.4

-166.2

    Other Receivables

-23.4

-7.2

-1.2

-15.6

    Other Current Assets

-1.1

1.1

-3.0

-4.0

    Plan Assets

-11.5

-5.2

4.9

-5.4

    Other Non-Current Assets

0.0

-10.8

0.1

-2.0

    Inventory

6.5

-53.8

-29.1

17.9

    Trade Payable

7.0

15.1

6.5

106.8

    Account & Other Payable

-4.6

15.3

-1.6

33.1

    Non-Current Other Payable

0.0

0.1

-0.1

1.4

    Other Current Liabilities

-8.7

9.7

1.7

3.1

    Payment for Retirement Allow.

-5.1

-16.3

-18.1

-8.0

    Succession of Retirement Allow.

0.6

0.3

0.7

0.5

    Cash-Interest Received

6.9

6.4

6.4

4.4

    Cash-Interest Paid

-19.5

-15.5

-11.9

-7.6

    Cash-Tax Paid

-2.6

-4.8

-1.1

-7.0

    Cash-Dividend Income

-

0.0

0.0

-

Cash from Operating Activities

83.9

5.5

87.7

47.2

 

 

 

 

 

    Decrease in Fincl Deposit

79.4

66.1

43.9

31.3

    Decrease in Short-term Loans

0.1

0.1

10.7

0.0

    Disposal of Investment in Affiliates

-

0.6

-

-

    Proceeds from Sale of ST Financial Asset

-

0.0

0.0

-

    Disposal of Non-Current Financial Instru

-

0.1

-

0.0

    Decrease-LT Loans and Receivables

1.1

6.2

1.4

2.6

    Decrease-Assets Held for Sale

41.9

13.1

0.3

-

    Decrease-Other Non-Current Assets

0.2

0.2

0.3

0.2

    Proceeds from Sale of Property Plant and

25.6

22.0

16.1

8.9

    Decrease-Intangible Assets

0.0

0.3

0.1

0.0

    Increase in Fincl Deposit

-106.5

-81.3

-75.2

-50.1

    Increase in Current Loans

-0.1

-0.1

-7.0

-3.4

    Increase-LT Loans and Receivables

-5.8

-7.2

-4.5

-2.6

    Purchase of Short-term Financial Assets

-

-

-

0.0

    Purchase of Non-Current Fincl Instrm

-2.0

-

0.0

-

    Purchase of Invmt in Affiliates

-0.1

-

-

-

    Purchase of Tangibles

-180.3

-201.8

-161.0

-63.7

    Purchase of Intangibless

-3.4

-3.2

-1.6

-1.2

    Purchase of Other Non-CurrentAssets

-

-0.1

-0.1

0.0

    Cash Flow from Disposal of Investment i

-

-0.5

-

-

Cash from Investing Activities

-149.8

-185.3

-176.6

-77.9

 

 

 

 

 

    Increase in Borrowings

617.0

790.9

356.3

57.8

    Increase in Minority Interest

4.6

-

4.6

2.3

    Purchase of Treasury Stock

-

-

-

-1.6

    Decrease in Borrowings

-748.6

-480.6

-287.2

-31.4

    Dividend Paid

-8.9

-9.1

-8.7

-

    Decrease-Minority Interest

-

-

-

-4.5

    Expense for Stock Issuance

-

-

-

0.0

Cash from Financing Activities

-136.0

301.2

65.1

22.6

 

 

 

 

 

Foreign Exchange Effects

-1.3

-0.7

0.5

-2.2

Incs or Decs in Cash & Cash Equivalents

-203.2

120.7

-23.3

-10.2

 

 

 

 

 

    Cash Interest Paid

19.5

15.5

11.9

7.6

    Cash Taxes Paid

2.6

4.8

1.1

7.0

Cash and Cash Equivalents at Beginning

291.6

175.9

191.8

184.0

Cash and Cash Equivalents at End

88.4

296.6

168.6

173.8

 

 

Financial Health

 

Financials in: USD (mil)

 

Except for share items (millions) and per share items (actual units)

 

 

Key Indicators USD (mil)

 

Quarter
Ending
30-Jun-2013

Quarter
Ending
Yr Ago

Annual
Year End
31-Dec-2012

1 Year
Growth

3 Year
Growth

5 Year
Growth

Total Revenue1 (?)

622.9

9.42%

2,175.2

0.23%

13.81%

-

Research & Development1 (?)

-

-

9.8

17.61%

21.06%

-

Operating Income1 (?)

41.3

189.48%

50.3

-20.43%

9.78%

-

Income Available to Common Excl Extraord Items1 (?)

32.0

72.29%

32.2

-20.75%

13.61%

-

Basic EPS Excl Extraord Items1 (?)

3.57

72.29%

3.60

-20.75%

13.62%

-

Capital Expenditures2 (?)

122.4

28.37%

183.7

-8.84%

35.70%

-

Cash from Operating Activities2 (?)

134.4

394.93%

83.9

1,445.59%

16.19%

-

Free Cash Flow (?)

11.5

-

-105.4

-

-

-

Total Assets3 (?)

1,784.7

11.67%

1,667.3

-8.47%

8.24%

-

Total Liabilities3 (?)

1,114.3

16.02%

991.2

-13.43%

12.76%

-

Total Long Term Debt3 (?)

346.4

25.35%

329.6

12.40%

18.57%

-

Employees3 (?)

-

-

-

-

-

-

Total Common Shares Outstanding3 (?)

8.9

0.00%

8.9

0.00%

0.00%

-

1-ExchangeRate: KRW to USD Average for Period

1122.022568

 

1126.848795

 

 

 

2-ExchangeRate: KRW to USD Average for Period

1103.219597

 

1126.848795

 

 

 

3-ExchangeRate: KRW to USD Period End Date

1147.202838

 

1066.400024

 

 

 

Key Ratios

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

Profitability

Gross Margin (?)

21.54%

19.90%

20.17%

20.25%

Operating Margin (?)

2.31%

2.91%

2.83%

2.57%

Pretax Margin (?)

2.14%

2.59%

2.49%

1.88%

Net Profit Margin (?)

1.48%

1.87%

1.70%

1.49%

Financial Strength

Current Ratio (?)

1.34

1.24

1.36

1.56

Long Term Debt/Equity (?)

0.49

0.43

0.31

0.32

Total Debt/Equity (?)

0.85

1.08

0.62

0.53

Management Effectiveness

Return on Assets (?)

2.09%

2.91%

2.85%

-

Return on Equity (?)

5.07%

6.55%

5.68%

-

Efficiency

Receivables Turnover (?)

5.15

5.69

5.40

-

Inventory Turnover (?)

9.36

10.73

13.15

-

Asset Turnover (?)

1.32

1.41

1.53

-

Market Valuation USD (mil)

P/E (TTM) (?)

17.79

.

Enterprise Value2 (?)

1,441.5

Price/Sales (TTM) (?)

0.48

.

Enterprise Value/Revenue (TTM) (?)

0.65

Price/Book (MRQ) (?)

1.55

.

Enterprise Value/EBITDA (TTM) (?)

9.38

Market Cap as of 08-Nov-20131 (?)

1,155.0

.

 

 

1-ExchangeRate: KRW to USD on 8-Nov-2013

1062.889897

 

 

 

2-ExchangeRate: KRW to USD on 30-Jun-2013

1147.202838

 

 

 

 

 

Annual Ratios

 

Financials in: USD (mil) 

Except for share items (millions) and per share items (actual units)

 

 

31-Dec-2012

31-Dec-2011

31-Dec-2010

31-Dec-2009

Financial Strength

Current Ratio (?)

1.34

1.24

1.36

1.56

Quick/Acid Test Ratio (?)

1.02

0.98

1.08

1.30

Working Capital1 (?)

212.4

184.1

187.8

244.7

Long Term Debt/Equity (?)

0.49

0.43

0.31

0.32

Total Debt/Equity (?)

0.85

1.08

0.62

0.53

Long Term Debt/Total Capital (?)

0.26

0.21

0.19

0.21

Total Debt/Total Capital (?)

0.46

0.52

0.38

0.35

Payout Ratio (?)

24.65%

19.53%

23.45%

36.15%

Effective Tax Rate (?)

25.77%

20.46%

25.43%

10.79%

Total Capital1 (?)

1,247.6

1,301.5

983.1

873.9

 

 

 

 

 

Efficiency

Asset Turnover (?)

1.32

1.41

1.53

-

Inventory Turnover (?)

9.36

10.73

13.15

-

Days In Inventory (?)

38.99

34.02

27.75

-

Receivables Turnover (?)

5.15

5.69

5.40

-

Days Receivables Outstanding (?)

70.85

64.16

67.61

-

Revenue/Employee2 (?)

-

787,372

736,600

522,780

Operating Income/Employee2 (?)

-

22,918

20,859

13,460

EBITDA/Employee2 (?)

-

45,972

42,766

29,187

 

 

 

 

 

Profitability

Gross Margin (?)

21.54%

19.90%

20.17%

20.25%

Operating Margin (?)

2.31%

2.91%

2.83%

2.57%

EBITDA Margin (?)

5.71%

5.84%

5.81%

5.58%

EBIT Margin (?)

2.31%

2.91%

2.83%

2.57%

Pretax Margin (?)

2.14%

2.59%

2.49%

1.88%

Net Profit Margin (?)

1.48%

1.87%

1.70%

1.49%

R&D Expense/Revenue (?)

0.45%

0.38%

0.42%

0.37%

COGS/Revenue (?)

78.46%

80.10%

79.83%

79.75%

SG&A Expense/Revenue (?)

17.75%

15.78%

16.23%

15.09%

 

 

 

 

 

Management Effectiveness

Return on Assets (?)

2.09%

2.91%

2.85%

-

Return on Equity (?)

5.07%

6.55%

5.68%

-

 

 

 

 

 

Valuation

Free Cash Flow/Share2 (?)

-11.78

-21.43

-8.52

-2.16

Operating Cash Flow/Share 2 (?)

9.91

0.59

9.99

5.78

1-ExchangeRate: KRW to USD Period End Date

1066.400024

1152

1134.9

1164.475

2-ExchangeRate: KRW to USD Average for Period

1066.400024

1152

1134.9

1164.475

 

Current Market Multiples

Market Cap/Earnings (TTM) (?)

18.49

Market Cap/Equity (MRQ) (?)

1.60

Market Cap/Revenue (TTM) (?)

0.48

Market Cap/EBIT (TTM) (?)

13.97

Market Cap/EBITDA (TTM) (?)

6.96

Enterprise Value/Earnings (TTM) (?)

24.91

Enterprise Value/Equity (MRQ) (?)

2.15

Enterprise Value/Revenue (TTM) (?)

0.65

Enterprise Value/EBIT (TTM) (?)

18.82

Enterprise Value/EBITDA (TTM) (?)

9.38


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.77

UK Pound

1

Rs.99.01

Euro

1

Rs.80.56

 

 

INFORMATION DETAILS

 

Report Prepared by :

DPT

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.